The Central Bank of Kenya has cautioned members of the public to be on the lookout following the growing number of pyramid schemes in the country.
According to CBK, the schemes lure people to place money with them and in return promise quick high profits in return.
“Members of the public should exercise caution and ensure they place their funds with credible and duly licensed deposit taking institutions,” read a statement by CBK and Sacco societies regulatory authority (SASRA).
The statement follows a recent expose that was aired on a local television showing Kenyans could have been swindled in a housing scam involving Gakuyo Real estate firm and chairman of Ekeza Sacco.
SASRA and the Central Bank are the authorised sole licensing specialists for deposit taking institutions in Kenya.